Refinancing Saves Delaware Residents Money

delaware saves money on refinance

Study: Delaware No.1 in Refinance Savings

A recent SmartAsset study highlighted the amount of money saved per refinance and named Delaware County as tops in Ohio and #348 on the national level.

Delaware and Warren Counties ran first and second. Which seems fitting in that for most of the 21st-century the two have swapped the fastest growing county in the state title. That growth was easily seen in that the number of refinances in the top two counties each nearly equalled the next three combined.

Savings Per Refinance

Ohio’s Top Five

# City Refinances Avg. Refinance Avg. Yearly Savings
1. Delaware 2,077 $212,825 $2,593
2. Warren 2,357 $184,844 $2,252
3. Union 463 $176,289 $2,148
4. Geauga 804 $174,189 $2,122
5. Hamilton 1,012 $154,948 $1,888

Upon first look, I really was struggling to see if there was value in this as a “real” story or just a set of numbers tossed into ranking … because well with “big data” we can. But then it hit me.

Economic Impact. That’s the power of this study.

The house has – unfortunately – been the way the lower and middle classes have established wealth. And with the house crash we saw much of that wealth come crashing down. This study is showing that about $5 million has been saved on mortgage payments. Put another way, that is $2,593 that the 2,077 residents are able to pump back into our local economy. The data, which is from 2014, also shows the average refinance was for $212,825 which is well below the County’s average sale price of $288,049 during the same time period. Which is to be expected with really needing 80% loan-to-value to make a refinance worth it in most cases.

Savings Per Refinance


# City Refinances Avg. Refinance Avg. Yearly Savings
1. Pitken, CO 256 $993,141 $13,388
2. Granite, MT 15 $818,733 $10,709
3. New York, NY 3,022 $832,831 $10,146
4. Nantucket, RI 222 $766,140 $9,333
5. Union, NM 23 $702,000 $8,693

When extrapulated to the national level, it becomes obvious that the biggest numbers are going to be found in highest priced counties. For good reason, they paid more for the house in the first place and the refinances are going to save more “hard” dollars.

All-in-all the only real interest in this story is the potential economic impact of these refinances in these areas.

“3 Central Ohio Counties Tops in the State,” Columbus Business First, 2016.

Matt Tway: The Best Banker in the Universe

Vendor Spotlight: Matt Tway, The Union Bank

“Matthew Tway is the best banker in the Universe,” Internet (which is always right, right?).

Matt is a long-time member of DelCo Profit Builders and is entering his second year as the group’s commercial lender.

Matt Tway, right, discusses The Union Bank's benefits during DelCo Profit Builders BNI meeting on Tuesday. [toby boyce]
Matt Tway, right, discusses The Union Bank’s benefits during DelCo Profit Builders BNI meeting on Tuesday. [toby boyce]

The Union Bank is different than a lot of commercial lenders in that it still uses the old-fashioned method of a loan committee evaluating your loan. When the committee meets the loan merits are discussed and it provides the opportunity for addtional subjectivity to be added into the project. “What do we know about this company?” is often asked. The Union Bank will loan within 100 miles of any location.

Matt is a resident of Marion where he lives with wife Annette – former DelCo Profit Builders member – and children. Matt’s niche is real estate investors that have been in the business about 4-6 years with proven ability to manage the properties. The Union Bank offers a unique program that can work with real estate investors on single-family, duplex, or triplex properties that most other lending institutions are not interested in.

An ideal referral for Matt includes:

  1. Dentist
  2. Commercial Realtors
  3. Single-Family mortgage lenders
  4. Property Managers
  5. Transportation
  6. Attorney
  7. Farmers
  8. Doctors
  9. Manufacturing Companies

If you are interested in talking with Matt call him today at 740-387-2265 x7134 or via e-mail at mtway (at) theubank (dot) com. (replace “at” with “@” and “dot” with “.”)

Boyce Earns GRI Designation

Toby Boyce has been awarded the Graduate, Realtor’s Institute (GRI) from the Ohio Association of Realtors®.

The Danville, Ohio, native serves on the board of directors for the Delaware County Board of Realtors® and is also a member of the Knox County Board of Realtors®, the Ohio Association of Realtors® and National Association of Realtors®. He serves on NAR, OAR and DCBR committees that assist in guiding the organizations into the future.

Toby Boyce C G Boyce Real Estate

The Ohio Association of Realtors® has approximately 27,000 members – the largest professional trade association in the Buckeye State – with only 5.6% of members having earned their GRI designation.

The Ohio Realtor® Institute series consists of three courses needed to obtain the Graduate Realtors® Institute designation. A few of the curriculum areas include construction, marketing, agency, equal opportunity, appraising, financing brokerage management, taxation, negotiating, and other current issues facing the real estate community.

Boyce is the President and Broker for C.G. Boyce Real Estate Co. based in Delaware. Earning his bachelor’s degree from Mount Union, Master’s in Business Administration from Heidelberg College, and additional studies at Hondros College.

He is married to Gretchen – CEO for C.G. Boyce Real Estate Co. – and the couple reside in Delaware with their dog.

Taking Toby Aside … why Delaware Future

Hello old friends. It has been a while since I’ve been around.

toby sadie gretchen beth graham
Toby, Gretchen and Sadie spend some time at Gallant Woods Park recently. [photo Beth Graham]
“whyDELAWARE” has been left to languish a bit as Toby launched C.G. Boyce Real Estate Co. with his wife and family. With the personal Web site and corporate Web site where does this leave my creative process?

As we worked through the ideas and topics, it became more work and I lost enjoyment of the writing since it was really being forced. Toby has never been a write for 10 minutes a day type guy, he will sit down and write non-stop for hours and then emerge and go to a different project. But time has not been our friend. The past few months.

So whyDELAWARE is going to experience a re-birth of sorts. We are still going to be a voice in the central Ohio real estate market – and highlight the finer points of what makes Delaware, Ohio, great.

Everything on the site will be original. The Gazette might publish the weekly property transfers but we are going to take the time to figure out what it really means and how it is going to effect your home and / or business life.

We are going to be sharing information on Delaware County events like we have always done, but it will be focuseed on the Social Media accounts for Toby and C.G. Boyce Real Estate Co.

Follow Toby C.G. Boyce Online

Media Toby Boyce C.G. Boyce Real Estate
Twitter @tobyboyce @cgboycere
Facebook Toby Boyce REALTOR Company Page
Personal Page
LinkedIn Personal Page Company Page
Pinterest My Pins Company Page
Instagram realtortboyce

So What Will Go Where?

The objectiv is to stay connected with all the great people we’ve met and done work with over the years. This site will become the place for Toby’s analysis of the real estate industry and local items — like restaurant updates, etc. — while items that are generally announcements of coming events will be published solely on our social media streams.

Where is C.G. Boyce?

As a brokerage site, it will be home to all the listings and will have publication of news that affects the entire brokerage – new agents, open houses, etc. – that are deemed to be of valuable to either all the agents or anyone associated with the company.

See you Soon …

5 Tips to Keep Your Home Water Free This Winter!

Dry Patrol of Central Ohio, a Delaware Ohio water-damage contractor, shares five key tips to reduce the chance of a water problem this winter.

The company offers flood damage cleanup throughout Columbus and outlying cities, among other remediation services. To assist homeowners in preventing this sort of damage, Dry Patrol of Central Ohio, offers timely, emergency water restoration services to home and business owners. In addition, the company provides ongoing alerts and releases containing practical information that can be implemented immediately.logo

President Bryan Daughtry comments, “Our aim is to be there for home and businesses owners should disaster strike, but as someone who has suffered from personal loss due to severe floods (before founding Dry Patrol of Central Ohio), I like to think that we can play some role in helping people prevent these disasters.”

The Delaware Ohio emergency water services company offers the following tips:

  1. Know where the water shut off is. Knowing where the water shut off is located can save time and aggravation should a household appliance go on the fritz. Surprisingly, many homeowners do not know where the water shut off resides.
  2. Disconnect any hoses outside of the home. Leaving hoses on the spigot can cause water to freeze and back up the water source.
  3. Clear gutters of all debris. Any debris in the gutters can freeze up and cause a backup, which can divert the flow and damage the structure of the roof and foundation. Ultimately, if left long enough, this could be cause for a flood inside the home.
  4. Homeowners should always have the roof inspected before winter hits. As snow piles and ice forms, any loose shingles or other damage can be an invitation for further deterioration.
  5. Caulk all doors and windows. Any leaks within the home offer an opportunity for the outside to enter in. Simple tasks such as caulking can save headaches down the road.

Daughtry adds, “While these tips are ideal for wintertime, one tip that truly resonates throughout the year is to check for corrosion or wear and tear on water supply lines for major appliances. If the water supply line for the washing machine looks sketchy, replace it now. Homeowners are shocked at just how much damage a faulty appliance within the home can cause.”

For more information on winterizing the home to prevent flood damage or emergency water damage remediation, contact Dry Patrol of Central Columbus at 740-417-9006 or visit